Egypt’s Iron, Steel Exports Grow By 65% in Nine MonthsSource: www.export-egypt.com 11/22/2023, Location: Africa |
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Egypt's cast iron and steel exports surged to $1.74 billion in the first nine months of 2023, up by 65 percent, from $1.053 billion, in the corresponding period of 2022.
The figures were published in a report by the Export Council for Building Materials, Refractory, and Metallurgy Industries (ECBM). Spain topped the list of countries importing Egyptian cast iron, with exports amounting to $312.521 million from January to September 2023, up from $228.091 million in the same period in 2022. Turkey secured the second position, with exports valued at $251.288 million, showcasing a surge from $12.394 million. Egypt's exports of cast iron and steel to Italy increased from $165.63 million in 2022 to $230.035 million in 2023. Exports to the US, Romania, and Palestine grew to $177.7 million, $139.15 million, and $39.88 million, respectively. In 2022, Egypt solidified its position as Africa's largest steel producer and the second-largest in the Middle East and North Africa (MENA) region, with steel production of 9.8 million tons, reported Fitch Solutions in April 2023. Data from the World Steel Association revealed that Egypt produced 10.3 million tons of steel in 2020 and 8.2 million tons in 2021. However, since the beginning of 2023, Egypt's steel production has faced challenges due to a shortage of foreign currency and a decline in domestic demand. |
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